​COLORADO SPRINGS, Colo. - The U.S. Olympic Foundation (USOF) awarded $9.7 million to the U.S. Olympic Committee (USOC) today as its annual grant for 2010. That brings the total sum of grants awarded by the USOF to the USOC and its member organizations to $244.6 million since 1986.
"On behalf of the U.S. Olympic Committee, I am thrilled to accept this considerable grant from the U.S. Olympic Foundation," USOC chief executive officer Scott Blackmun said. "The USOF's annual contribution - like all donations to the USOC - provide our nation's top athletes with essential training programs and services to maximize their achievements, as we will see in just a few weeks in Vancouver."
The USOF was established after the 1984 Olympic Games in Los Angeles with approximately $111 million that resulted from the USOC's share of the surplus from those Games. It is a separate entity from the USOC tasked with overseeing the corpus of the endowed funds. A 10-member Board of Directors monitors the assets, investments and annual distribution of the funds.
"The timing of this grant is noteworthy, as the U.S. Olympic Foundation and the USOC Board of Directors recently approved the formation of a USOF Board of Trustees," USOF Chairman Bill Hybl said. "This new fundraising body will significantly increase support for the Olympic and Paralympic Movement in the United States long-term, and the USOF looks forward to partnering with the USOC's Development Division in the process."
In 2009, the USOC Board of Directors and the USOF Board of Directors voted to revise the USOF bylaws to utilize the USOF for fundraising in addition to its role of managing investments. The revisions include the addition of a contribution-based Board of Trustees who will commit to donations made to the USOF over their terms.
Hybl and several USOF board members, including Thayer Tutt, Jr. and Olympian David Fox, will formally present the check to Blackmun at a dinner in Colorado Springs this evening.